Five Equity Bank employees sentenced over embezzling sh4.6billion

Five employees of Equity Bank – Uganda have been sentenced to jail terms ranging from 5 to 12 years after the Anti-Corruption Court found them guilty of embezzling sh4.6 billion from their employer.

Justice Margaret Tibulya has sentenced Abubakar Karungi to 12 years, David Sserwamba and Matthew Keeya have been each given ten years while Reagan Okoth and Sharfic Mubarrack each handed 5 years in jail for conspiring to embezzle the said money from Equity Bank between March and May 2015.

The judge however declined to give a custodial sentence to Isaac Serwamba, a young brother to David Sserwamba and instead cautioned him saying he does not deserve a jail term having joined the gang at the tail end of the illegal transactions. He hid sh250 million well knowing that it was part of the stolen sh4.6 billion.

Court ruled that prosecution proved that the convicts converted and transferred the said money with an intention of disguising it’s illicit origin yet it was stolen from Equity Bank.

Justice Tibulya also ordered the DPP to oversee the selling process of the recovered vehicles and land tittles belonging to the convicts so that the proceeds are added to the sh250 million saved and be given back to Equity Bank.

On top of serving their custodial sentences, the five convicts are also to make compensations of $2000, $2500 and $5000 dollars respectively to their former employer.